Business View Caribbean - Jan 2024

12 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 1 (G-Tax) means increased efficiency in our day- to-day operations, streamlined processes, and enhanced collaboration across departments. It means staying ahead of the curve in a rapidly evolving technological landscape. It means providing our taxpayers with a seamless and improved experience.” As part of the new digital system, a new Taxpayer Identification Number (TIN) will be generated for taxpayers currently registered for VAT, PAYE, and CIT (installments). Existing tax identification numbers will be stored for tax records in 2023 and all previous years. The IRD expects that by the end of 2024, all new and current taxpayers will have their new TIN to enjoy the benefits of the new system.